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INVESTORS' DIFFERENTIAL RESPONSE TO MANAGED FUND PERFORMANCE.
- Source :
- Journal of Financial Research; Fall2001, Vol. 24 Issue 3, p367, 18p, 5 Charts
- Publication Year :
- 2001
-
Abstract
- Several studies measuring the flow of monies into and out of U.S. mutual funds note a convexity in the performance-flow relation and offer several explanations for the apparent investor insensitivity to poor performance. In this study investor response to past performance is measured in a different setting: the Australian wholesale funds market. The results confirm that, like the U.S. mutual fund investor, institutional investors in Australia react to recent performance. However, a similar response asymmetry is not detected in most tests. Evidence that small, young funds are potential drivers of the asymmetric response effect is also provided. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 02702592
- Volume :
- 24
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- Journal of Financial Research
- Publication Type :
- Academic Journal
- Accession number :
- 5191167
- Full Text :
- https://doi.org/10.1111/j.1475-6803.2001.tb00775.x